Etihad Expands Codeshare Agreement With India’s Jet Airways

The Abu Dhabi carrier has placed its ‘EY’ code on Jet Airways’ domestic services for the first time, as part of the deal.

Emirates Airline Sees Progress Soon On A380 Engine Upgrade

Emirates has expressed interest in applying the lessons of other Airbus re-engining projects to the four-engined superjumbo.

Oman’s Bank Dhofar Proposes Share Swap Ratio For Bank Sohar Merger

A merger between the two banks would create Oman’s second biggest bank by asset value, with assets worth around 4.78 billion rials ($12.42 billion).

Dubai’s Al Futtaim Group Signs Deal To Build $1.6bn Saudi Mall

The super regional mall will be anchored by an IKEA store and will have a gross leasable area of 250,000 square metres.

Etihad Airways Takes Steps Toward Alitalia Investment

Both airlines will proceed with final documentation to complete the transaction once the board and stakeholders in Alitalia confirm acceptance of the terms.

Kuwait’s Ruler Makes Rare Visit To Iran To Build Ties

Kuwait, home to a sizeable Shi’ite Muslim minority, is seen by some as a potential bridge between Iran and the Gulf Arab states.

Iranian Foreign Minister Says He Cannot Visit Saudi Arabia

Mohammad Javad Zarif’s visit would have been the first by a senior Iranian official since President Hassan Rouhani took power.

Saudi Mall Owner Othaim Plans Debut Local Currency Sukuk

The transaction is likely to be worth between SAR500 million and SAR1 billion, sources said.

Aldar Launches Units For Rent At The Arc, On Abu Dhabi’s Reem Island

Leasing of the properties, which are located on Reem Island, will begin this week.

Dubai’s Damac Plans Mega Shopping Strip In AKOYA Development

The 1.3km AKOYA Drive, resembling Rodeo Drive in Beverly Hills and Champs Elysees in Paris, will include F&B options and retail outlets.

Emaar Launches Second Phase Of BLVD Crescent Project

The second phase of the project will have over 70 one to three bedroom apartments within a 20-storey tower, Emaar said in a statement.

Dubai’s Ruler Issues Decree To Establish Six New Wildlife Sanctuaries

The legislation aims to protect natural habitats in Dubai and develop and promote ecotourism.

Egypt To Collect Foreigners’ Capital Gains Tax On Each Transaction

The expected amount to be collected from this tax will range between 3.5 billion pounds and 4.5 billion pounds, Egypt’s finance minister said.

Saudi To Fine Employers Holding Back Domestic Workers’ Pay

New regulations will come into effect within 60 days to protect the rights of domestic workers in the Kingdom, a labour ministry official said.

Egyptian Govt Says It Is $9.8bn Over Budget On Fuel Subsidies

Energy prices in Egypt are among the lowest in the world, and the government spends more than a fifth of its budget keeping them down.

Dubai’s Emaar Properties Says Malls Unit Raises $1.5bn Islamic Loan

Emaar said the loan is repayable in seven years and carries a profit rate of 1.75 per cent over the London interbank offered rate (Libor).

Qatar 2022 World Cup Hit By New $5m Corruption Claim

New report claims former FIFA member Mohamed Bin Hammam paid $5 million to senior officials in exchange for their support for Qatar’s bid.

Dubai’s RTA Awards Dhs802m Contract For Phase III Of Water Canal Project

The work on the third phase of the project will start in June and is scheduled to be completed by 2016, RTA said.

Saudi Cement Recommends H1 Dividend Of SAR3.5 Per Share

Shareholders owning the company’s stock at the end of trading on July 1 will qualify for the dividend, the company said in a statement.

Etihad Starts Los Angeles Flights

Today’s inaugural flight marks Etihad’s fourth US destination and one of the longest flights globally

Bahrain Opposition To Boycott Election Unless Political Deal Reached

Bahrain has been in turmoil since protests led by Shi’ite Muslims erupted in 2011 after similar uprisings in Egypt and Tunisia.

UAE Says Sisi Represents “New Hope” For Egypt

The UAE is one of the main supporters of the government in Egypt and has showered it with aid since its military ousted elected Islamist president Mohammed Mursi last year.

Saudi Telcoms Firm Mobily Ends Talks To Buy Stake In Smaller Rival

Analysts say the main attraction for Mobily, an affiliate of the UAE’ Etisalat, was to acquire Atheeb’s landline licence.

Qatar Airways Delays Taking First A380 By Several Weeks

Delays in jetliner deliveries can cause disruption and extra cost for airlines as they reassign aircraft to fill the gap.

Shipping Firms Shy Away From Iran Despite Deal To Ease Sanctions

An Iranian trade source said the country was relying more on its domestic shipping fleet or using land routes.

Five Minutes With… Jim Moaddab, COO, Caramel Group

Jim Moaddab, COO at F&B specialist Caramel Group gives his insight into the company’s expansion plans and the UAE restaurant market.

Egypt Approves New 10% Capital Gains Tax On Stock Market Profits

The tax is part of the first phase of income tax reforms in the country expected to bring in 10 billion Egyptian pounds.

Habtoor Leighton Group Wins $395m Contract

The project will also include serviced apartment buildings, nine hotels and a marina.

UAE’s Bar And Restaurant Segment Becoming Too Overcrowded

Local restaurant chief warns the Emirates’ F&B market is being spread too thinly.

Prince Alwaleed Sees 130% Investment Hike After Chinese Firm JD.com Listing

The Saudi businessman and his Kingdom Holding Company invested $250 million for a combined stake of 2.5 per cent in the Chinese online retailer.